Car refinancing is emerging strongly in the market as an option for personal loan and loan against property. Car refinancing means keeping your car as collateral to the bank to get funds against it. You can use these funds for your various personal needs. Car refinancing is getting popular and many people are opting for it day by day as its easily available, quickly approved and pocket friendly. If you have a car and need funds for your immediate needs then you should surely opt for a car refinance. Know more about the same…
- Secured Loan:
Car refinancing is a type of secured loan. You get lower interest rate when you opt for a secured loan. Here you have to put your car as collateral to the bank to get funds. The car’s original documents will be with the bank. They will be returned once you pay off the loan. But you can use the car until the loan is being paid. If by any chance you fail to pay off the loan, bank will confiscate your mortgaged car.
- Multipurpose Loan:
You can use funds from this loan to meet with any of your personal needs. Be it a medical emergency or a wedding or for debt consolidation; you can use it for anything. You don’t have to disclose the reasons behind taking this loan to the bank.
- Easy Loan Terms:
Banks offer loan amount up to 60% to 70% of the cars on road value. If you submit the documents correctly, the money is disbursed as quickly as in a day. The repayment period ranges from one year (12 months) to 5 years (60 months). Even the eligibility criteria are not very complicated.
- Minimum Documentation:
To avail car refinancing, banks ask for very minimum documents. You have to submit your KYC details, your car’s purchase history, car’s model details, RC book, insurance copy and your financial detail. Your financial details will include 6 months bank statements and salary slips or ITR (depending on your profession).
Apply for car refinancing